Oil prices mixed in Asian trade

Oil prices were mixed in Asia Thursday after first quarter US economic growth fell short of forecasts but a weaker dollar and easing US crude production provided support, analysts said.

US benchmark West Texas Intermediate for June was up eight cents at $58.66 in late-morning trade, while Brent for June fell 27 cents to $65.57 a barrel.

The US Commerce Department said Wednesday that the world's biggest economy and top oil consuming nation stalled in the first quarter this year, expanding at an annual pace of just 0.2 percent, much slower than the 1.0 percent growth expected by analysts.

"In this globalised economy, it would be difficult to envisage the US economy taking off on its own trajectory -- in any huge degree -- with the rest of the world still battling the gravity of deflation," said Nicholas Teo, a market analyst with CMC Markets in Singapore.

"Still, the shortfall in the numbers... was rather stark, especially against the backdrop of a steady job market recovery over the past year," he said in a market commentary.

Howie Lee, an investment analyst with Phillip Futures in Singapore, said the poor growth "suggests deep-lying problems" as exports slowed, business investment softened and consumers held back spending despite savings from lower oil prices.

"Many were prepared for a disappointing result, but at 0.2 percent it probably caught even the most bearish by surprise," he said in a market commentary.

Other analysts said the weaker greenback is helping support prices as dollar-priced oil becomes cheaper, spurring demand.

Signs of cutbacks in US oil output, a key factor in the global supply glut that has driven prices to plunge by as much as 60 percent since June last year, were also supporting prices.

Inventories at the key US oil terminal hub in Cushing, Oklahoma, reported its first decline since late November, US data showed.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3288-0.0028-0.21%
    USDSGD=X
    1.4915+0.0019+0.13%
    EURSGD=X
    2.0203-0.0009-0.04%
    GBPSGD=X
    90.2589+0.2355+0.26%
    SGDJPY=X
    5.8334+0.0124+0.21%
    SGDHKD=X
    2.7014+0.0088+0.33%
    SGDMYR=X
    9,797.5771+12.3369+0.13%
    SGDIDR=X
    4.6675+0.0069+0.15%
    SGDCNY=X
    1.05760.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,194.50+1.30+0.11%
    GCM15.CMX
    16.54-0.04-0.24%
    SIN15.CMX
    72.93-0.53-0.72%
    ^XAU
    2.93-0.01-0.31%
    HGN15.CMX
    61.37+0.97+1.61%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.54+0.05
    ^FVX
    2.18+0.04
    ^TNX
    2.91+0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.86-0.03-3.37%
    N21.SI
    0.290.00-1.69%
    5WA.SI
    0.21+0.01+5.00%
    5GB.SI
    1.235+0.030+2.49%
    5ME.SI
    1.74-0.19-9.84%
    O23.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.63+0.06+10.53%
    A05.SI
    0.11+0.01+8.91%
    T16.SI
    0.215+0.015+7.50%
    41B.SI
    0.15+0.01+7.14%
    5MD.SI
    0.184+0.009+5.14%
    W12.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.192-0.028-12.73%
    E94.SI
    1.74-0.19-9.84%
    O23.SI
    0.21-0.02-8.70%
    B1N.SI
    0.465-0.035-7.00%
    5UL.SI
    1.015-0.075-6.88%
    S85.SI